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There are Free Lunches: Behavioral Clues to Live Happy in the Economic World is a blog that intends to present updated and relevant information about the "hidden" and only recently uncovered dimensions of the economic science: the behavioral factors. With this blog we intend to promote in Europe and in the rest of the World, the top research articles and perspectives on behavioral economics, decision making, consumer behavior, and general behavioral science. We aim to be followed by journalists, academics, managers, civil servants, and everyone who wishes to improve their daily interaction with the economic world and consequently, their lives' happiness.

Tuesday, 13 September 2011

Ethical banking takes root in the mire of the global financial crisis (via

The financial crisis and its excesses have manured a breeding ground where new initiatives are sprouting, aimed at revolutionizing the banking world, or at least at introducing a different outlook, with a certain moral content.

Among these, ethical banking is raising its head, with statistics that show a sustained growth in clientele. The May 15 "indignation" movement has inspired thousands of people to search for alternatives to a traditional banking system that they reject. Ethical banking institutions are attracting more clients than ever, and their growth, though limited, is constant.

The ethical banking sector, composed in Spain of only five entities and somewhere more than 50,000 clients, stands for total transparency. It only invests in the real economy, finances projects related to sectors such as renewable energies and ecological agriculture, and holds social justice to be its own particular Bible.

"I looked at the list of companies I had invested in, and none of them were to my liking. It was a pleasure to tell my bank to withdraw all my investments in the stock market. Then your conscience is a lot clearer, because your money is passing through an ethical filter," says Víctor Maeso, member of an agricultural cooperative at Manresa, near Barcelona.

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